Posted on 01/25/2013 7:01:46 AM PST by Zakeet
Chicago Mayor Rahm Emanuel, moving to take a lead role in the gun control debate, is turning up the pressure on banks that do business with firearms manufacturers.
Emanuel is sending letters to two major financial institutions, TD Bank and Bank of America, which offer lines of credit to gun makers suggesting that they stop lending money to the manufacturers if they don’t come out for new gun restrictions.
“TD Bank currently aids the gun manufacturing industry through a $60 million revolving line of credit with Smith & Wesson, a gun manufacturer that produces the AR-15 – an assault weapon that was used by James Holmes to kill 12 people and wound 58 in a crowded movie theatre in Aurora,” Emanuel’s missive to TD CEO Bharat Masrani states. “I ask you to use your influence to push this company to find common ground with the vast majority of Americans who support a military weapons and ammunition ban and comprehensive background checks.”
Noting that Chicago’s municipal employees and teachers had already divested money in pension funds from gun makers that are opposing new gun laws, the White House chief of staff-turned-mayor wrote: “Now we need you and other commercial banks to join this fight for safer streets. Collectively we can send a clear and unambiguous message to the entire gun industry that investors will no longer financially support companies that profit from gun violence.”
(Excerpt) Read more at politico.com ...
In the real world I think we call this extortion. (”Nice little bank ya got there, be a shame if something......”)
This is going to open a real kettle of worms for the Dems. Leftists are going to start asking “if you can pressure banks to stop working with gun makers, why can’t you stop them from charging me 32% on my friggin Visa Card??”
Don’t forget that BoA is also the bank that gave credit cards to illegal immigrants. It also takes your money by rounding up purchases, uses that money for their purposes and then gives it back at the end of the year. They also charge one of the highest credit card interest rates in the country.
For the life of me, I can’t think of a single reason why anybody should be doing business with them.
‘but they put our police officers, our children, and our communities at risk ‘
I guess that I learn something new everyday.
Of course, the same thing could be said about automobiles.
This isn’t “taking the lead”. It’s coercion, the one thing the little phony ballerina knows.
In a related report, the Philadelphia pension agency voted to ask all gun manufacturers, distributors and retailers in its investment portfolio to adhere to 8 “Sandy Hook Principles”, including supporting a federal system requiring background checks on ALL guns AND ammo (my emphasis). (on page B8 of today’s Philadelphia Inquirer)
The new backdoor way to gun control.
Yup, banks should direct their monies to more beneficial enterprises - like loaning money to folks who have no chance of ever paying it back.
We’re going to have a lot of work on our hands building guillotines following CW-II. I hope that Rahmbutt is prepared for his final scene.
Gun manufacturers should refuse to sell to the Chicago police.
As an aside, given the current market conditions S&W is in, why do they even need a line of credit?
I would think they could fund all operations out of current cash flow.
Paging Mr. Henry Bowman.
More economic fascism.
Another Mayor that is politically limited to a small subset of America’s citizenry, yet believes he should be in charge of everyone!
Now we get to see the real reason that the left likest to nationalize and centralize corporations. It is always about control. Always was, always is and always will be.
Either do it voluntary,or when I’m President in 2020;I’ll
do it for you. Followed by Chelsea Clinton in 2028 and Malia
Obama in 2036!
Rahm Emanuel needs to stop requiring others to clean up Chicago’s streets. They have more gang members than cops, and certainly more than honest cops. But if he actually blamed the guilty, he would have no one to vote for him.
Not a surprise based on this old news about Toronto Dominion bank.
http://financialsector.blogspot.com/2007/05/banks-considering-sharia-compliant.html
It’s pretty well known Rahm takes pride in the far reaching results of his multi-tasking leftist efforts that he believes are not recognized by Chick-fil-A America.
I think any politician who pushes banks to quit working with firearms manufacturers should have all firearms and ammo orders cut off for their particular jurisdiction.
Getting scary out there.
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